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TypeBare Act JurisdictionCentral Government

Finance Act, 2002 Section 27

SUBSTITUTION OF NEW SECTION FOR SECTION 70 -ForSection 70 of the Income Tax Act-, the following section shall be

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https://sooperkanoon.com/act/250225

Bare act section · Research

About this section

Finance Act, 2002 Section 27 is part of Finance Act, 2002 - SUBSTITUTION OF NEW SECTION FOR SECTION 70 -ForSection 70 of the Income Tax Act-, the following section shall be. Read the section text below and explore Indian court judgments that cite it.

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Section Text

1) Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income, other than "Capital gains", is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.

(2) Where the result of the computation made for any assessment year underSections 48-to55-in respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset.

(3) Where the result of the computation made for any assessment year underSections 48-to55-in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset.'.

Frequently asked questions

What does Finance Act, 2002 Section 27 provide?

Section Section 27 of the Finance Act, 2002 (SUBSTITUTION OF NEW SECTION FOR SECTION 70 -ForSection 70 of the Income Tax Act-, the following section shall be) is reproduced on this page as part of the Finance Act, 2002. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2002 Section 27?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2002 Section 27. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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